JOST: An acronym advisors should get to know

JOST: An acronym advisors should get to know

 JOST: An acronym advisors should get to know In a very short period the quasi-criminal partnership has undertaken a large number of investigations targeting abuses of investor trust. Its goal – to put a dent in fraudulent securities activity. However, the jury is still out. 

Ever since the RESP privacy debacle made news late in 2014, the OSC’s Joint Serious Offences Team (JSOT) has been in the spotlight. At the time WP wondered what a “quasi-criminal” matter actually was. Well, several months later it’s clear the OSC has made JOST a high priority.

In the OSC’s latest Statement of Priorities it states, "The OSC JSOT will Increase the number of cases investigated for fraudulent activity and recidivist offenders… Work with law enforcement to proactively use Criminal Code tools in JSOT investigations.”

In its 2014 annual report, the OSC had this to say about JOST:

“The OSC launched its Joint Serious Offences Team (JSOT) in May 2013 to elevate efforts to target fraud and other egregious types of misconduct. JSOT is an enforcement partnership between the OSC, the RCMP Financial Crime program and the Ontario Provincial Police Anti-Rackets Branch. JSOT combines the law-enforcement skills of police with the OSC’s expertise in forensic accounting and capital markets to investigate and prosecute serious violations of the law using provisions of the Securities Act (Ontario) and Criminal Code.”

In JSOT’s first year of operation (OSC year-end March 31, 2014) the partnership was involved in 14 investigations across the province with various police jurisdiction, the commencement of four “quasi-criminal” proceedings before the Ontario Court of Justice and finally the laying of criminal charges in another three cases.

It’s busy over at OSC enforcement.

WP’s reached out to the OSC to interview the top brass involved in the operation of JSOT. We believe that advisors would welcome the opportunity to learn more about what is taking place in OSC enforcement. More importantly, how is JSOT different from past OSC enforcement initiatives.

We hope to have this information by month’s end.